Nigeria in 1min: Economic, Business & Financial Headlines – 191115

Proshare

 

November 19, 2015 7:00 AM / Proshare News
 

NIGERIAN ECONOMY
Total Expenditure on GDP Increases by 2.30% YoY in Q2 '15 - Total expenditure on GDP measured in real terms increased by 2.30 percent (year-on-year) in Q2 of 2015* while year on year nominal changes indicated an increase of 5.12 percent in the quarter. Source Proshare Read More
 

Insipid GDP growth picture: Another marker for easing? - Yesterday evening, the National Bureau of Statistics (NBS) reported that real GDP expanded 2.84% YoY in Q3 15–a slight improvement from the multi-year trough of 2.35% YoY in the prior quarter. Compared with the corresponding period in 2014, real output growth is 340bps lower. Source Proshare Read More
 

Buhari sends N465.64bn supplementary budget to N’Assembly - President Muhammadu Buhari, on Wednesday sent a supplementary budget of N465,636,926,857 to the two chambers of the National Assembly for appropriation. Source Punch Read More
 

Zero-based budgeting will block financial leakages, says Minister - The Minister of Budget and Planning, Senator Udoma Udo-Udoma said yesterday that the Federal Government’s plan for zero-based budgeting from next year would block all financial leakages and bring accountability into government spending. Source THE NATION Read More

 

 
Senate okays $200m W’Bank loan for Lagos - The Senate on Wednesday approved $200m foreign loan being the third tranche of the $600m which the Lagos State Government requested from the World Bank through the Federal Government External Borrowing Plan packaged to span 2015 to 2017. Source Punch Read More
 

House: FG Owes Contractors over N300bn - The House of Representatives Committee on Works has said the federal government owes over N300 billion to its contractors. Source Thisday Read More

 

 
Strong Structural Steel Injects $36m into Nigeria - Nigeria’s building and construction industry has received a boost as a United States company, Strong Structural Steel, a new entrant to Nigeria, is ready to raise the country’s construction standards. Source Thisday Read More

 

 
S’African firms take over Ikeja City Mall - The South African Real Estate Investment Trust, Hyprop Investments Limited, says it has acquired 75 per cent interest in the Ikeja City Mall. Source Punch Read More

 

 
Yamaha Nigeria to assemble 70,000 motorbikes annually - A Japanese automaker, Yamaha, has commenced the assembling of two model motorcycles, Crux and Force X, in Nigeria under the umbrella of CFAO Yamaha Motors, a subsidiary of CFAO Group. Source Punch Read More

 

 
FG partners Chinese govt to develop rail sector - The Minister of Transportation, Chibuike Amaechi, has said the Federal government will continue to partner and collaborate with the Chinese government especially in developing Nigeria’s rail sector. Source Punch Read More
 

Cost Of Toothpicks, Fish, Milk, Textiles, Rice, Furniture Imports Hit N1.18tr - Despite several promises of increasing agricultural production, Nigeria’s imports on some locally manufactured products have hit a staggering N1.18 trillion. Source Daily Independent Read More

 

 
Nigeria Discovers 44 Mineral Deposits In 500 Locations, Says Ministry Official - The Ministry of Solid Mineral Development on Tuesday said 44 different types of minerals had been discovered in 500 locations across the country. Source Daily Independent Read More

 

 
Finance, not biggest challenge of SMEs –SON DG - The Director-General, Standards Organisation of Nigeria, Dr. Joseph Odumodu, has said that the biggest challenge facing the Small and Medium Enterprise sector is not finance but rather the production of quality goods that can be sold in the global market. Source Punch Read More

 

 
Starting business in Nigeria getting more difficult – World Bank - STARTING a business in Nigeria has become more cumbersome over the last one year, according to “Doing Business”, an annual report by the World Bank Group measuring the regulations that enhance business activity in 189 economies and those that constrain it. Source Vanguard Read More
 

Customs Impounds Goods Worth N52m In 7 Days - The Federal Operations Unit (FOU) Zone A of the Nigerian Customs Service (NCS) in the last seven days seized goods worth N52.36 million along the Lagos-Ogun axis. Source Leadership Read More
 

Nigerians are applying for N220bn MSMEs funds – SMEDAN - The Director- General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bature Umar Masari, has revealed that not many Nigerians are applying for the N220bn Micro, Small and Medium Enterprises Development (MSMEs) funds. Source Daily Trust Read More
 

 

POWER
FG’ll reacquire failed power firms for $1 – BPE - The Federal Government will take back the power firms privatised in 2013 from their buyers for $1 if they continue to perform below expectation and do not comply with notices from the Bureau of Public Enterprises to improve on their operations. Source Punch Read More

 

 
Power firms owe NERC N3bn - Power firms operating in the country owe the Nigerian Electricity Regulatory Commission a total of N3bn, the Chairman/Chief Executive Officer, NERC, Dr. Sam Amadi, has said. Source Punch Read More

 

 
NERC denies approving special pay for commissioners - The Nigerian Electricity Regulatory Commission (NERC) yesterday alleged plans by those it described as fifth columnists to rubbish the integrity of the agency with the intention of hijacking its management and planting their people. Source Guardian Read More

 

 
Kano electricity company to distribute 100,000 meters to consumers - A statement by the spokesperson of the company, Mohammed Kandi, noted that the procurement was part of the corporate plan by KEDCO to roll out at least 500,000 meters to its customers within a period of five years. Source Guardian Read More
 

Power privatization has increased revenue by more than 100% - The Federal Government’s power privatization programme has blocked leakages and increased revenue, with, for example, one generating unit hitherto bringing in N400,000 monthly in the  pre-privatization period now generating N1.1bn. Source Daily Trust Read More
 

TCN gets N5.9bn W/Bank grant to study electricity demand - The Transmission Company of Nigeria (TCN) has said it has secured about $30million (about N5.977billion) grant to study the nature of electricity load demand and energy mix in Nigeria. Source Daily Trust Read More
 

 

RULES & REGULATION
CBN Directs PMI, DFIs, To Remit To TSA Or Face Sanctions - Having sanctioned three deposit money banks for non compliance with the directive to remit all public sector funds into the Treasury Single Account (TSA), the Central Bank of Nigeria (CBN) has directed all primary mortgage institutions and development finance institutions to comply immediately or face similar fate. Source Leadership Read More

 

 
Pres. Buhari launches CBN Anchor Borrowers' Programme - President Muhammadu Buhari has launched the Central Bank of Nigeria (CBN) initiated Anchor Borrowers’ Programme (ABP), even as he expressed high hopes that the scheme would lift thousands of small farmers out of poverty and generate millions of jobs for unemployed Nigerians. Source Proshare Read More
 

CBN Harps on Risks of Electronic Fraud - The Central Bank of Nigeria (CBN) has alerted on security risks of electronic fraud in the country, but explained that it has beefed up security measures on online transactions, in order to reduce electronic fraud. Source Thisday Read More

 

 
VP Osinbajo Pledges Support for Capital Market Reforms - Vice President Osinbajo pledges support for Capital Market Reforms as SEC Director General Presents the 10-year Capital Market Masterplan Source Proshare Read More
 

Recent sanctions on some banks considerate, says CBN - The Central Bank of Nigeria (CBN) has described the recent fines slammed on some financial institutions as considerate, given the level of infractions, which should have earned them more severe penalties. Source Guardian Read More
 

NECA intervenes in Guinness’ N1bn fine by NAFDAC - In order to resolve the controversy surrounding the N1bn fine imposed by the National Agency for Food and Drug Administration and Control on Guinness Nigeria Plc, the Nigeria Employers’ Consultative Association has intervened on behalf of the company. Source Punch Read More
 

FIRS says no immediate plans to double VAT to 10% as govt’ battles to raise revenues - There are indications that the Federal Government may not be considering doubling Value Added Tax (VAT) to 10% – at least in the near term – even as it looks desperately to expand sources of revenue, following the sustained drop in oil prices. Source BUSINESSDAY Read More
 


 

CAPITAL MARKET
Nigerian Stock Market and Delistings in 2015 - TNI Q4/E7 - Delisting of securities from the daily official list of The Nigerian Stock Exchange remains one of the negatives that does not usually goes down well with an average investor as it usually results in investment loss more importantly if it’s regulatory in nature. Source Proshare Read More
 

Steady sell-down persists, stocks tumble 131.84bpt to new low - The equities market closed today on a negative note, as NSE ASI depreciated by 0.47% to close at 28,219.44basis points, compared with the 0.64% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 18.58% Source Proshare Read More
 

Trade smart will grow the Nigerian capital market size-Mr Ade Bajomo, ED,Technology NSE - The “Trade smart App” developed by the Nigerian stock exchange, has been described as a veritable tool that will boost the market size of the Nigerian capital market. Source WebTV Read More
 

 

MONEY MARKET
BVN’s slow, steady lift of naira, foreign reserves - Bureaux De Change (BDCs) are, for the first time, in over a decade, beginning to take regulations seriously. Previously, it was unthinkable to have a BDC operator return unutilised foreign exchange (forex) to the Central Bank of Nigeria (CBN) as required by law. Source THE NATION Read More

 
INVESTORS NEWSBEAT

Stanbic IBTC Secures International Syndicated Loan -
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, has secured its debut syndicated term loan facility. Source Thisday
Read More

CORPORATE EARNINGS
GUINEAINS Releases Q2'15 and Q3'15 Results, Declares N44.59 mln PAT in Q3,(SP:N0.50k) - Source Proshare Read More

 
BETAGLAS Grows PAT by 10.3% in Q3'15 result,(SP:N48.51k) - Source Proshare Read More

 
NCR declares N199.33 million PAT in Q3'15 results,(SP:N11.02k) – Source Proshare Read More
 

 

TELCOs
More Troubles for MTN as Uganda Fines Telco $622,000 - The commercial court has ordered telecoms giant MTN Uganda to pay the sum of Shs 2.3 billion (about $662,000) in damages to EzeeMoney Limited for sabotaging its business. Source Thisday Read More

 
Africa Coast to Europe (ACE) submarine cable: launch of the Sao Tome & Principe to Cape Town segment - Orange, together with the other members of the ACE consortium, announces the start of the next phase of the ACE submarine cable system to expand broadband connectivity and digital services in Africa. Source Proshare Read More
 

Data Harmonisation: NIMC Confirms 2016 Completion Date - Following calls for harmonisation of all the data captured by various agencies of government, including banks, the National Identity Management Commission (NIMC) has said the process of data integration and harmonisation has begun and the exercise would be completed in the first quarter of 2016. Source Thisday Read More

 
NIMC Boss Bows Out, Lists Commission’s Achievement - The Director General/CEO of the National Identity Management Commission (NIMC), Chris Onyemenam, this week, handed over the mantle of leadership of the Commission to the most senior staff member, having served for eight years as the CEO of the commission. The federal government is already searching for his replacement, THISDAY has gathered. Source Thisday Read More


PEOPLE

As Jubril Aku completes tenure, Ecobank Nigeria set to announce new MD/CEO by end of year  - Ecobank Transnational Incorporated (ETI) today announced a leadership change in its largest subsidiary, Ecobank Nigeria Limited. By the Bank’s internal policy, Mr. Jibril Aku, the current Managing Director of the subsidiary, having concluded his five-year tenure as managing director, will step down from his current role at the end of this year. Source Proshare Read More
 

10 Nigerians Make Forbes Africa’s 50 Rich List, Dangote Remains Continent’s Wealthiest - Ten Nigerians have been listed among the 50 richest persons on the continent in the Forbes Africa’s 50 Richest 2015.They are Aliko Dangote, Mike Adenuga, Folorunsho Alakija, Femi Otedola, Abdulsamad Rabiu,  Theophilus Danjuma, Tony Elumelu, Jim Ovia, Mohammed Indimi and Orji Uzor Kalu.  Source Thisday Read More
 

FG, marketers resolve to end fuel scarcity - The Federal Government on Wednesday got the commitment of petroleum product marketers to support measures put in place by the Nigerian National Petroleum Corporation to end the scarcity of petrol currently plaguing the country. Source Punch Read More
 


 

PRODUCTS & SERVICES
WEMABANK Upgrades Banking License to National Authorization - We are pleased to inform you of the grant by the Central Bank of a Commercial Banking license with National Authorization. Source Proshare Read More

 
FirstBank Unveils SME Offerings - We offer because We Used to be You! - FirstBank of Nigeria Limited, a subsidiary of FBN Holdings Plc and Nigeria’s most valuable bank brand, has unveiled its new SME Campaign which is specially designed to help SMEs grow their business with diverse product and service offerings. Source Proshare Read More
 

 

POLITICS
We borrowed N225bn for infrastructure – LASG - The Lagos State Government has defended the N225bn it raised through the bond market, saying it is to meet the infrastructural needs of the state. Source Punch Read More
 

 

COMMODITIES
FG Finalises 4th-Quarter PMS Allocations As Fuel Queues Remain - The federal government has issued its final allocations for subsidised petrol, otherwise known as Premium Motor Spirit (PMS), imports for the fourth quarter at 1.41 million tonnes, traders and a senior source at the state-run fuel supply regulator said yesterday, according to Reuters. Source Punch Read More
 

‘Nigeria loses $7.2m daily to oil theft’ - Nigeria is losing 150,000 barrels of oil per day (bpd) to theft, translating to $7.2milliion, an economist/consultant to  American Petroleum Institute (API), Ikenna Ifeobi, has said. Source THE NATION Read More
 

Moody’s: Nigeria's Oil Output May Fall by 2017 - Nigeria's oil output could drop by as much as 15 per cent in 2017 unless the government attracts more investment and resolves cash shortages at state oil firms, a senior Moody's analyst said on Wednesday. Source Thisday Read More
 

Brent oil eases as focus returns to global oversupply - Oil prices eased, reversing the previous day’s gains, as the risk premium stemming from the Paris attacks faded, and the focus returned to the global oversupply in crude and petroleum products. Source BUSINESSDAY Read More
 

Gold Drops to 5-Year Low as Fed Minutes Show December Potential - Gold traded near a five-year low after minutes from the Federal Reserve’s last meeting reinforced that policy makers could raise U.S. interest rates next month. Platinum fell to the lowest since 2008. Source Bloomberg Read More

 
Saudis Planning For A War Of Attrition In Europe With Russia's Oil Industry - Russia's central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn. Source Proshare Read More

GLOBAL MARKET
Asia shares rise, dollar dips on Fed wagers - Asian shares climbed on Thursday and the dollar backed off highs on expectations the Federal Reserve would be confident enough of the U.S. economy to raise rates in December but would then proceed with great caution on further tightening. Source Reuters Read More

 
European shares dip as Air Liquide loses steam - European shares fell on Wednesday, retreating from solid gains in the previous session, with French industrial gas company Air Liquide slipping after announcing an expensive-looking acquisition. Source Reuters Read More

 
Angola expects budget deficit of around 5.5 percent in 2016: finance ministry - Angola expects a budget deficit of around 5.5 percent of gross domestic product in 2016 while the economy is forecast to grow 3.3 percent, the finance ministry said on Tuesday. Source Reuters Read More
 

Kenya trims 2015 growth view again, cites El Nino, monetary tightening - Kenya's finance minister further trimmed the country's 2015 economic growth forecast on Wednesday, citing tighter monetary policy and the potential impact of the El Nino weather phenomenon that has brought heavy rains. Source Reuters Read More
 

ArcelorMittal to cut up to 450 jobs, slash exports from Liberia -  ArcelorMittal plans to cut up to 450 jobs in Liberia and lower iron ore exports from the West African nation as it battles to reduce costs, the world's largest producer of steel said. Source Reuters Read More
 

Angola sees oil output rising slightly next year -  Angola will produce an average of 1.89 million barrels per day of crude oil next year, according to budget projections, slightly higher than current official production levels. Source Reuters Read More
 

 

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